Talen Energy Corporation $TLN Shares Purchased by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC increased its stake in Talen Energy Corporation by 56.3%, acquiring an additional 537,398 shares, bringing its total holdings to approximately $297.9 million.
• Other institutional investors, including Third Point LLC and Ameriprise Financial Inc., have also made significant investments in Talen Energy, indicating growing interest in the company.
• Talen Energy reported earnings of $1.50 per share, surpassing analyst estimates and projecting a consensus of $326.08 per share for future performance.

Fred Alger Management LLC lifted its stake in shares of Talen Energy Corporation (NASDAQ:TLN - Free Report) by 56.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,492,145 shares of the utilities provider's stock after purchasing an additional 537,398 shares during the period. Talen Energy comprises 1.7% of Fred Alger Management LLC's investment portfolio, making the stock its 14th biggest position. Fred Alger Management LLC owned about 3.28% of Talen Energy worth $297,937,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of TLN. Northern Trust Corp increased its stake in shares of Talen Energy by 7.8% during the fourth quarter. Northern Trust Corp now owns 118,949 shares of the utilities provider's stock worth $23,965,000 after purchasing an additional 8,626 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Talen Energy by 6.1% during the fourth quarter. Ameriprise Financial Inc. now owns 4,518 shares of the utilities provider's stock worth $910,000 after purchasing an additional 261 shares in the last quarter. Cetera Investment Advisers purchased a new stake in shares of Talen Energy during the fourth quarter worth about $490,000. Cresset Asset Management LLC purchased a new stake in shares of Talen Energy during the fourth quarter worth about $312,000. Finally, D. E. Shaw & Co. Inc. purchased a new stake in shares of Talen Energy during the fourth quarter worth about $422,000. Hedge funds and other institutional investors own 0.38% of the company's stock.

Talen Energy Trading Up 0.4%

Shares of Talen Energy stock traded up $1.61 during mid-day trading on Friday, hitting $402.53. The stock had a trading volume of 435,205 shares, compared to its average volume of 1,161,560. The firm has a 50-day moving average of $353.19 and a two-hundred day moving average of $272.30. Talen Energy Corporation has a 12-month low of $148.02 and a 12-month high of $410.00. The company has a quick ratio of 1.34, a current ratio of 1.84 and a debt-to-equity ratio of 2.39. The firm has a market cap of $18.39 billion, a P/E ratio of 114.03, a price-to-earnings-growth ratio of 1.92 and a beta of 1.89.

Talen Energy (NASDAQ:TLN - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The utilities provider reported $1.50 earnings per share for the quarter, beating the consensus estimate of ($1.13) by $2.63. Talen Energy had a net margin of 8.75% and a return on equity of 17.81%. The business had revenue of $630.00 million during the quarter, compared to analysts' expectations of $481.48 million. Sell-side analysts forecast that Talen Energy Corporation will post 15.94 earnings per share for the current year.

Insider Buying and Selling at Talen Energy

In other news, major shareholder Rubric Capital Management Lp sold 178,000 shares of the stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $296.04, for a total value of $52,695,120.00. Following the completion of the sale, the insider owned 5,734,970 shares of the company's stock, valued at $1,697,780,518.80. This represents a 3.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 388,530 shares of company stock valued at $114,090,933. Corporate insiders own 0.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Morgan Stanley upped their price objective on shares of Talen Energy from $330.00 to $430.00 and gave the company an "overweight" rating in a research note on Wednesday. Melius assumed coverage on shares of Talen Energy in a research note on Wednesday, August 20th. They set a "buy" rating and a $427.00 price objective for the company. Susquehanna reaffirmed an "overweight" rating on shares of Talen Energy in a research note on Thursday, June 12th. Evercore ISI upped their price objective on shares of Talen Energy from $410.00 to $450.00 and gave the company an "outperform" rating in a research note on Tuesday. Finally, Wall Street Zen raised shares of Talen Energy from a "sell" rating to a "hold" rating in a research note on Monday, August 11th. Fifteen equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $354.29.

Talen Energy Profile

Talen Energy Corporation is a U.S.-based energy and power generation company. The Company owns or controls approximately 16,000 megawatts of capacity in wholesale power markets, principally in the Northeast, Mid-Atlantic and Southwest regions of the United States. The Company generates and sells electricity, capacity and related products from power plants that use fuel sources, such as nuclear, natural gas and coal.